But many people also find it hard to believe that bankers Lewis

  • But many people also find it hard to believe that bankers Lewis described cheap rs gold in The Big Short who deliberately designed securities to fail before selling them to clients did not similarly commit some manner of indictable offense. And many other people find it hard to believe that when the New York Stock Exchange sold access to hedge funds that enabled them to front-run average investors, none of those officials went to jail either.

    Attorney General Loretta Lynch and her FBI colleagues have done their job. They have painstakingly followed the roadmap from the bottom of a corrupt global conspiracy to the top. That is a good thing. It is only their choice of which corrupt global conspiracy to tackle that seems curious.

    Goldman Sachs and I am only using Goldman as a metaphor for Wall Street never bribed Jeffrey Webb, or at least I am not aware of any allegation that they did. But Goldman Sachs has put its money to good use, and perhaps better use than the FIFA leadership. Over the past decade, Goldman Sachs once again, Goldman is just shorthand for the entire financial services industry paid out almost $6 billion in political contributions to members of the U.S. Congress over the past decade. Those contributions were surely made with some idea of what was expected in return and to ensure that their interests were represented at the highest levels of the U.S. government.

    Blatter has offered the typical CEO defense of the bribery and corruption rife within his organization. "I can't monitor everyone all of the time." But then he went further and suggested a credo that we have never heard from the leaders of our own banking industry in the wake of one scandal after another, one multi-billion fine after another. "We cannot allow the reputation of football and FIFA to be dragged through the mud any longer. It has to stop here and now." And then he did what no one did in the wake of the global financial collapse. He resigned.

    The prosecution of FIFA came about because a journalist laid out a roadmap, and a prosecutor and the FBI picked up that roadmap and chose to follow it. The determination that Attorney General Lynch has shown in her pursuit of wrongdoing at FIFA raises the question of why misdeeds on Wall Street were never pursued with similar zeal. Perhaps the roadmap that Michael Lewis laid out is not as compelling, or perhaps the culprits on Wall Street were simply better at playing the game and covering their tracks.

    Two years ago, Sepp Blatter described FIFA to students at Oxford as a conspiracy, a scam, www.rsfarmer.com accountable to nobody, words that many might apply to what Wall Street has become. It is all well and good that the U.S. Justice Department has decided to police the rest of the world; it does beg the question as to why they have not been playing the same role here at home.

144 views